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AES Panama LNG
Summary of Investment Information

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein that has been prepared by the project sponsor, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein.
The SII is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors.

Project number 37456
RegionLatin America and the Caribbean
SectorV-AB - Gas - Thermal Power Generation
Environmental categoryA
Date SPI disclosedMarch 25, 2016
Projected board dateMay 26, 2016
Previous EventsInvested: October 17, 2016
Signed: July 21, 2016
Approved: July 20, 2016
View Environmental & Social Review Summary (ESRS), click here
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Project Description
The project (the “Project”) comprises the development, construction, operation and maintenance of an integrated gas to power facility in Panama consisting of: a 380MW net combined cycle gas-fired power plant and an onshore liquefied natural gas (“LNG”) import terminal with an 180,000 m3 storage tank. It also entails the construction of power evacuation facilities to interconnect the generation plant with the existing electricity transmission network.

The Project will be developed under two special purpose vehicles: Gas Natural Atlantico, S. de R.L, as the power plant owner, and Costa Norte LNG Terminal S. de. RL, as the LNG terminal owner. The Project will sell 350MW of capacity and associated energy to 3 distribution companies: EDEMET, ENSA and EDECHI, under 10-year power purchase agreements (PPAs) awarded in September 2015 through a competitive bidding process led by ETESA – the state-owned transmission company. The remaining capacity and energy generated by the Project will be sold on a merchant basis in Panama’s wholesale electricity market.

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